Viet Nam, Slovenia eye cooperation potential in mechanical engineering
Viet Nam, Slovenia eye cooperation potential in mechanical engineering
Viet Nam and Slovenia boast high potential for cooperation in manufacturing agro-forestry-fisheries machinery and equipment – an area of Slovenia’s strength and Viet Nam’s demand, said Vu Ba Phu, head of the Trade Promotion Agency under the Ministry of Industry and Trade, at a recent online Viet Nam-Slovenia business exchange.
Commitments in the EU-Viet Nam Free Trade Agreement (EVFTA) regarding tax reduction for Vietnamese and Slovenian products will help the two countries expand the market share in each other country as well as other EU markets, thus motivating bilateral trade growth, Phu said.
He underlined the need for both sides to increase trade exchange activities right after COVID-19 is controlled globally, and make full use of benefits from the EVFTA by abiding by regulations on origin.
He stressed that the Trade Promotion Agency is willing to coordinate and create optimal conditions for businesses of both sides to explore effective and long-term partnership opportunities.
Phu said that the EVFTA has been opening up doors for Viet Nam to promote economic cooperation with many markets around the world, including Slovenia.
The EU is now one of the leading trade partners of Viet Nam with two-way trade reaching US$49.6 billion in 2020, with Viet Nam’s exports of $34.9 billion.
This year, the deal is expected to continue fuelling the economic growth of Viet Nam as well as trade ties between Viet Nam and the EU.
Izidor Krive, Vice President, Chamber of Commerce and Industry of Slovenia, said Viet Nam and Slovenia share abundant potential for collaboration in the field of industrial machinery, equipment and automation as well as logistics solutions in garment and textiles and the food industry which are booming in Viet Nam.
Meanwhile, Le Dung, Vietnamese Ambassador in Austria and Slovenia, said that since the EVFTA took effect on August 1, 2020, Viet Nam has seen positive signs in trade with the EU and Slovenia.
The diplomat expressed his belief that after COVID-19 is controlled in Europe, the investment flow will rise. The 97-million strong market of Viet Nam could become a gateway for investors to enter a 660-million-strong ASEAN market, he said.
Slovenian businesses affirmed that Viet Nam is a promising market thanks to its political stability, low-cost workforce and developed infrastructure system.
At the event, jointly held by the Office of Commercial Affairs at the Vietnamese Embassy in Austria and Slovenia and the Chamber of Commerce and Industry of Slovenia, 21 Vietnamese firms and 12 Slovenian companies sought cooperation opportunities in each other's market and introduced their products and services.
